Survival News Network

Mr Dimon told investors at the Wall Street bank’s annual meeting that “there could be contagion” if a state the size of California, the biggest of the United States, had problems making debt repayments. “Greece itself would not be an issue for this company, nor would any other country,” said Mr Dimon. “We don’t really [...]

Mr Dimon told investors at the Wall Street bank’s annual meeting that “there could be contagion” if a state the size of California, the biggest of the United States, had problems making debt repayments. “Greece itself would not be an issue for this company, nor would any other country,” said Mr Dimon. “We don’t really [...]

Gov. Arnold Schwarzenegger told state employee unions Tuesday his administration would cut another 2,000 jobs to help close California’s $26.3 billion budget deficit.

Meanwhile, Moody’s Investor Services downgraded California bonds to near-junk status, from A2 to Baa1, and placed the state’s credit rating on watch for possible further reductions.

Moody’s said the budget deadlock had put constitutionally [...]

California’s debt rating was slashed by Fitch Ratings to triple B – two notches above junk – after the state was forced to issue IOUs for certain payments while it frantically tries to agree a budget.
Further downgrades are possible, Fitch said, if legislators and Arnold Schwarzenegger, governor, do not end a stalemate over how to [...]

Michael Cook | Wednesday, 10 June 2009
The Singularity is near
The recent blockbuster, Terminator Salvation, has a few lessons for us about the future of humanity.
Without Arnold Schwarzenegger, the fourth film in the series, Terminator Salvation, is a bit limp, in the opinion of most critics – notwithstanding the car chases, explosions, and high-tech shoot-outs. [...]

[...]

The state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.
“California’s day of reckoning is here,” he said. With no action, the state will run out of cash in 14 days. Three months after the state budget was approved, California [...]

Gov. Arnold Schwarzenegger is proposing to completely eliminate the state’s welfare program for families, medical insurance for low-income children and Cal Grants cash assistance to college and university students.The proposals to sharply scale back the assistance that California provides to its neediest  residents came in testimony by the administration this afternoon at a joint legislative [...]

Source: CNN.com
Faced with a projected $42 billion deficit, California Gov. Arnold Schwarzenegger warned Tuesday that 20,000 state workers will lose their jobs if a budget deal isn’t reached by the end of the week.
The governor and the legislature are “making progress” in talks, said Schwarzenegger’s press secretary, Aaron McLear.
The Republican governor, who declared a fiscal [...]

Source: The Associated Press:
California counties are considering forms of tax revolt after the state imposed a 30-day payment delay that could potentially become much longer under Gov. Arnold Schwarzenegger’s proposal to preserve cash.
The Riverside County Board of Supervisors has authorized staff to file a lawsuit, while elected officials in Colusa County decided to [...]

Source: San Jose Mercury News
Gov. Arnold Schwarzenegger has been warning for months that California’s budget is hurtling toward the proverbial cliff — the point at which the state, which boasts a $100 billion operating fund, runs short of money to pay its bills.
That time is about to arrive. While the scenario is less like [...]

Source: Los Angeles Times
Gov. Arnold Schwarzenegger ordered the new Legislature in to work on its first day, declaring a fiscal emergency Monday in response to the state’s deteriorating finances and urging lawmakers to “get off of their rigid ideologies.”
But even as Schwarzenegger warned that California could run out of cash within two months, there [...]